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HomeMy WebLinkAboutFCS-15-153 - External Audit Plan 2015Staff Report rR finance and Corporate Services Department www.kitchener.ca REPORT TO: Audit Committee DATE OF MEETING: December 14, 2015 SUBMITTED BY: Dan Chapman, Deputy CAO Finance and Corporate Services and City Treasurer, 519 - 741 -2200 ext 7347 PREPARED BY: Sheri Brisbane, Supervisor of Financial Reporting, 519 - 741 -2200 ext 7349 WARD(S) INVOLVED: All DATE OF REPORT: December 1, 2015 REPORT NO.: FCS -15 -153 SUBJECT: External Audit Planning Report for Fiscal 2015 RECOMMENDATION: That the 2015 External Audit Planning Report prepared by KPMG, attached as Appendix 1 to report FCS -15 -153 dated December 1, 2015, be approved. BACKGROUND: Item 3 (e) in the Audit Committee Terms of Reference states that one of the responsibilities of the audit committee is to "approve external audit plans ". It is important to have open communication between the external auditor and the Audit Committee to ensure that both groups are kept up to date on changes in the organization, changes in the accounting /regulatory environment and their related risks. In KPMG's proposal to serve as the External Auditor, they committed to meeting with the Audit Committee twice annually. This is the first of those meetings for the 2015 year end. A second meeting will be held once their audit is complete to present results and offer an opportunity for questions. REPORT: KPMG will present their Audit Planning Report. Please see attached document titled "City of Kitchener Audit Planning Report for the year ending December 31, 2015 ". ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN: The recommendation of this report supports the achievement of the city's strategic vision through the delivery of core service. FINANCIAL IMPLICATIONS: None at this time. Annual audit fees are provided for within the operating budget. COMMUNITY ENGAGEMENT: * ** This information is available in accessible formats upon request. * ** Please call 519- 741 -2345 or TTY 1- 866 - 969 -9994 for assistance. 1- 1 INFORM — This report and its attachment have been posted to the City's website with the Audit Committee agenda in advance of the meeting. It will provide the public with information to assist them in understanding the scope of the external audit to take place in the spring of 2016. The City's Annual Financial Statements as at December 31, 2015 and for the year then ended will be the subject of this audit. The 2015 audited financial statements, once completed and approved, will be posted on the City website and notice will be provided to all residents through Your Kitchener (a City publication delivered in the Kitchener Citizen) in accordance with Section 295 (1) of the Municipal Act, 2001. 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